Q2 2024 Grupo de Inversiones Suramericana SA Earnings Call Transcript
Key Points
- Grupo de Inversiones Suramericana SA (BOG:GRUPOSURA) reported a positive trend in profitability, with a compound annual growth of 13% since 2019.
- The company achieved an operating revenue of COP18.6 trillion in the first half of the year, driven by strong performance in premiums and commission revenue.
- Net profit reached COP5.1 trillion, with a tangible profitability of 22.7%, indicating strong business performance.
- SURA Asset Management showed a positive operational performance with an operating profit of COP837 trillion, up 9% in local currency.
- The company has increased its net profit guidance for the year, expecting it to be between COP5.8 trillion and COP6 trillion, reflecting confidence in future performance.
- The deconsolidation of EPS SURA resulted in a loss of COP5 trillion for the first five months of 2024.
- Suramericana's net profit decreased by 18% compared to the first semester of 2023, mainly due to lower investment returns.
- The company faces challenges from exchange rate fluctuations, impacting revenue conversion in Colombian pesos.
- Higher interest expenses were reported due to increased debt from additional acquisitions and obligations.
- The pension reform in Colombia could potentially impact the number of affiliates and revenue, though specifics remain unclear.
(audio in progress) of the company's management and may present variation.
Good morning, everyone, and thank you for joining us in the earnings report of the second quarter of Grupo SURA. Today, the call is divided into two. First of all, I have a prerecorded session headed by Riccardo Jaramillo, our CEO; and Juan Esteban Toro, our CFO.
Then we'll have a live Q&A session in which we are joined also by Carlos Gonzalez, the Manager of Investments and Capital Market; Juan Luis Munera, VP of Corporate Legal Affairs; Carlos Esteban Oquendo, VP of Corporate Finance of SURA Asset Management; and [Juan Fernando Uribe], the VP of Finance and Investments. Questions may be sent during the entire call. So let's give the floor to Ricardo Jaramillo.
Good morning, and thank you, Daniel. Would like to begin highlighting the
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